Walker Jack Consultants

Some events in life are entirely unexpected and out of your control.  When it comes to your home, it is definitely best to be covered by insurance.  Our homes are often our single biggest investment in life so it makes sense that the best house insurance policy is purchased.  In 2009, British insurers paid out over eight and a half billion pounds to cover damage to property and to replace possessions.  In the same year, according to the Association of British insurers, one in ten homeowners made a claim on their property or belongings. 

Floods, fires, theft, storms, and even earthquakes, there are plenty of reasons to insure your home.  There are over five million homes in the United Kingdom at risk of flooding, with the average bill for repairing flood damage as high as £10,000.  With damages often racking up expensive bills, it is no wonder why insurance is now a requirement for mortgages.

It has never been easier to find a house insurance quote.  Whether it is online, through a broker or with your bank or building society, it is important to get the right cover for you.  When comparing home insurance quotes look out for added extras and restrictions that may affect any claim you make.  Your insurance premium will also depend on whether you chose indemnity insurance (replacing lost items like for like) or a new for old policy.  Whichever policy you choose, you can rest assured you are covered for life’s little surprises.

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Though you may think all natural disasters are included automatically in your home insurance policy, earthquake coverage often isn’t.  If you live in an earthquake prone area, you should check your policy to see if damage caused by an earthquake is covered.  In most cases, earthquake coverage is extra.  It is up to you to decide whether or not you actually need the coverage.

Where You Live

Check the history of the area where you live.  Have there been earthquakes in the past?  If so, how many and how frequently?  Another aspect to check is the magnitude of any earthquakes.  If there have been earthquakes, but there’s never been any reported structural damage, you are in a low risk zone.

If you live in an area near a fault line, earthquake coverage should be considered, even if the history shows few or no earthquakes.  If your home is located in an area with semi-frequent or frequent earthquakes, even if they just cause moderate damage, you should make certain your home insurance policy includes earthquake coverage.

What Does it Cover?

Earthquake coverage takes care of all damages to your home and belongings that occur as a direct result of an earthquake, tremor or aftershock, if property coverage is included in your policy.  Earthquakes occur randomly, meaning you may not have any warning as to when you’ll need coverage, if ever.  To protect your home in an earthquake prone zone, the extra money you will spend on coverage is well worth the peace of mind.

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If contents insurance isn’t included in your landlord insurance policy, many insurance companies will offer you the choice of a limited contents or a full contents cover.

Limited Contents Cover

This cover usually offers a fixed limit of £5,000 to replace carpets, curtains, sun blinds, light fixtures and fittings as well as kitchen goods and appliances.

Full Contents Cover

If the property you own comes fully furnished or the contents are worth more than £5,000 to replace, you will need to take out a full contents cover.

Many landlords place a value of what the contents are worth and then select a sum they wish to insure their contents for, rather than calculating what it would cost to replace the goods with new items. Because of this, many landlords’ possessions are underinsured.

Inventory

If your landlord insurance includes both the buildings insurance as well as the contents insurance, and you wish to make a claim for any damage caused, you will need to present an inventory.

This inventory list should include all the things that are either damaged or missing from the property, as this inventory will help you retrieve the damaged or missing items.

Many landlords choose to take pictures or shoot a quick video of all their belongings before renting out their property, as this will save a lot of time and stress in case the inventory is needed on a later date.

Your landlord insurance only covers your possessions within the property. If the tenants who are renting the property wish to have their possessions insured, they will need to take out their own insurance.

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You spend time finding clothes that fit just right; you need to do the same with your insurance coverage.  Property cover or contents cover is a very personal thing; no two policies are exactly alike because no two situations are exactly alike.  Spending a few minutes exploring costs and coverage can make the difference between suffering a loss and being able to recover your possessions.
 
Think about what you own; better yet, take a tour of your home and write down the major items you see.  Do you own artwork, musical instruments or jewellery?  What about furnishings of value, like leather sofas?  Don’t forget computers, laptops, cell phones, mp3 players, and similar items.  How about collections?  Do you own a collection of books, stamps, coins, antiques, or other similar items?  All these should be accounted for, and valued, when you choose your home insurance. 

Outline specifically what you want, including any floater policies for items of exceptional value like jewellery, and then compare home insurance with the exact same coverage limits from several companies.  You’ll likely find that the prices vary widely.  Get multiple quotes from each company with different deductibles.  Ask about discounts for bundling your home and auto insurance, paying via bank debit, or similar discounts.

Your situation is different than that of your friends and neighbours, and your insurance coverage should be, as well.  Spend the time to find out exactly what you need and compare costs across several companies to find the right ‘fit’ for you.

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You can follow a few basic steps to make claiming on your landlord insurance and allowing your claim to be processed as straightforward a procedure as possible:

Notify the police immediately of any occurrence and loss incurred as a result of an incident or break-in.  The more swiftly you can do this, the more seriously you are likely to be taken.

Contact your insurance company promptly and provide detailed, specific information including exactly what happened and the events leading up to this (if known), what losses were incurred, and any other information you have or think relevant.

Take steps to prevent further damage or loss, such as increasing security, identifying the cause of the initial problem, or being aware of ways in which the problem can be addressed in the future.  Landlord insurance, like any insurance, is based on risk.  Therefore, you have a better chance of keeping your premiums low if you are making a conscious effort to be aware of issues and are doing what you can to prevent them from recurring.

Obtain a claim form and fill it out as accurately as possible with as much information as you have.  Send it in promptly and make sure that the insurance company has received your form.

Have a record of the chain of events that led to the loss, as this may also be required by the insurance company.  This can include any supporting evidence you may have such as documentation, photographs or video, or witnesses to events such as break-ins or fire damage.

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Many people insure their home based on its market value.  For new or remodelled homes, market value insurance may be a good way to go.  For older homes, the market value may be less than or more than the actual cost needed to rebuild your home.  Before you buy home insurance, determine whether you will need market value coverage or not.

Higher Costs

The market value of a home, especially a new home, is often far higher than the cost of rebuilding the home.  This means you’ll need a higher coverage amount.  Higher coverage equals higher premiums for you.  Being over insured doesn’t help you, but actually ends up costing you more.

Rebuild Value

To save costs, have your home surveyed to see what the rebuild value is.  If the rebuild value is less than the market value, you’ll save money by choosing this type of coverage.  Rebuild home insurance covers the cost of rebuilding your home as it was.  In many cases, it also includes the cost of a temporary residence while your home is being rebuilt.  It doesn’t cover the land itself if you choose to move to a new location.

Underinsured

For older homes, the market value may actually be much less than the rebuild value.  In this case, choosing market value home insurance leaves you underinsured.  You should always make sure your coverage takes care of the actual cost of your home, including the materials and labour it will take to repair or rebuild the home.

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No one looks forward to the task of comparing home insurance rates. However, in actual fact it can be an enjoyable task. You can compare home insurance provided by lots of different companies and gain a better insight into the policies you are offered. Furthermore you can also see whether you can negotiate with the companies. This may enable you to select a policy from the provider you like the most.

Some people seem happy to swap providers every year in order to chase the lowest possible premium they can get. In other situations they might consider staying with the same provider all the time because they are happy with the service they get. They may have had cause to make a claim on their policy for example. If they were impressed with the response they got, they may wish to continue with them for that reason alone.

When you compare home insurance quotations, you need to negotiate for the best price you can. You may have received a more expensive quote from one provider, and a cheaper one from another provider you liked less. You should go back to the more expensive provider and ask for a reduction to the cheaper quote you had from elsewhere. They may say no but until you ask you will never know what the response could be.

If you feel self conscious doing this, do not worry. Some people get nervous asking for a reduction but remember that the people at these companies will have come across people negotiating before. It might just get you a cheaper premium too.

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With the cost of living being particularly worrisome now, it makes sense to try to cut costs wherever you can. However, when it comes to something as important as house insurance, it is vital to ensure you do not lose the degree of cover you require.

The correct house insurance policy will be one that gives you good cover and does not prove to be too expensive either. The best way to find such cover is often to take advantage of the online price comparison sites. These are very popular and many people use them regularly.

These sites enable you to search for the required policy in a fraction of the time it would take you to contact all the individual companies. It also means you do not have to make many phone calls, since all the information can be found online. You can save any quotations you may be interested in taking up. Once you have decided which company to get your insurance from you can go ahead and complete the process.

It is good to know that renewing your insurance is much easier and more pleasant today than ever before, due to the internet shortening the length of time it can take to find the most suitable policy. Just be sure not to rush through the process as you have the opportunity to find house insurance that will be cost effective and worthwhile to have. Rest assured it is easier than you think to get the cover you need.

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Whether you already have home insurance and just want lower premiums or if you’re looking for a new insurer, there are several ways to find cheaper insurance for your home.  With a little research and preparation, you could find a much lower cost provider or decrease the premiums from your existing provider.

Location

If you haven’t bought a home yet, try to find a home in an ideal area.  Look for an area with low flood and earthquake risks.  Also try to find an area that is close to a fire department.  Buy a home that is in good condition.  All of these factors will help decrease your home insurance premiums.

Secure Your Home

For an existing home, adding security features such as deadbolt locks, security systems and smoke alarms can greatly decrease your current premiums.  This will also help you find lower home insurance quotes if you’re looking for a new provider.

Opt for Higher Excess

The higher excess you choose, the lower your premiums.  You’ll still be covered, but you are required to pay the excess before insurance takes over the cost of repairs or property.  Be sure to choose the right combination of coverage and excess to fit your budget.  If you can’t afford the excess, then higher premiums are best for you.

Discounts and Bonuses

Look for new providers offering new member discounts.  For existing insurers, call your provider about discounts or bonuses.  For providers offering different types of insurance, look into combining policies for a discount.  Some insurers also offer no claims bonuses.  This can be in the form of a yearly refund or discount off your premium.

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Owning a pet, especially a dog, can be a highlight of someone’s life.  Dogs can be wonderful companions, loving and playful, and they delight in seeing you come home each day.  However, they may also have an effect on your home insurance, which is something that most people don’t consider.
 
The Dangerous Dogs Act of 1991 covers dogs which attack or threaten in public places, but some insurers require separate cover if you choose to have certain breeds of dog on your personal property.  Large dogs or dogs which have a proven history of aggressiveness, such as Pit Bull Terriers, are often targeted for liability insurance coverage.  If you have a dog as a pet you would be wise to disclose this to your insurer and see if it could have an effect on your cover.

You can obtain home insurance quotes to compare costs across several companies if owning the pet will change your policy.  Some insurers don’t charge extra if you take normal precautions like having a fenced yard and hanging signs warning of the dog.  Other insurers do charge extra, so you’ll want to find the policy that provides the cover you need for a reasonable price.

You’ll also want to remain vigilant regarding laws and regulations towards dogs where you live.  They can change based on local experiences, and you don’t want to inadvertently find yourself out of compliance.

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